The Journal quotes marketing materials for an industry conference last week that insisted: "The Spin Stops Here."
"In a recent brochure, the Bond Dealers of America, the conference co-host, said 'undisciplined statements' about state and local finances were hurting the market," Michael Corkery writes for the Journal.
You see? It's all just a triumph of "statements" over reality.
It's almost as if the muni salesmen are reading from the script written by the mortgage bond guys in 2005. Remember them? They were the people who insisted that all the "talk" of a housing bubble was irresponsible.
If you've forgotten how the mortgage finance people tried to claim that concerns over the housing bubble were spin, just take a look at a 2005 pamphlet from the Mortgage Bankers Association, entitled, "Housing and Mortgage Markets: An Analysis."
It's full of gems like this:
"The appropriate stance is one of caution, not of panic. It is important that policymakers and others recognize the fundamentals that are driving the housing market. We need to understand the benefits that can be derived from innovations in the mortgage market. And, we need to identify the mitigating factors that are present in today’s mortgage and financial markets that would prevent a regional downturn or other localized decline from creating a more widespread problem."
How'd that work out?
Questions? Comments? Email us atNetNet@cnbc.com
Follow John on Twitter @ twitter.com/Carney
Follow NetNet on Twitter @ twitter.com/CNBCnetnet
Facebook us @ www.facebook.com/NetNetCNBC